Rating action         MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any drawdown will require a reassessment of the rating. Rationale      SHC Capital is a whol...

Rating action          MARC Ratings has affirmed its rating of A+IS on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM182.3 million and revised the outlook to positive from stable.Rationale  The outlook revision reflects the improved operational performance of UiTM Solar’s 50MWac solar photovo...

Rating action          MARC Ratings has assigned a preliminary rating of AA-IS/Stable to OCK Group Berhad’s proposed RM400 million Tranche 1 to be issued under a proposed RM700 million Sukuk Murabahah Programme. Rationale OCK is principally involved in telecommunication network services (TNS) that comprise tower leasing, provision of full turnkey solutions...

Rating action          MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang which achieved commercial operations dates (COD) on January 1, 2021 (Unit 1) and February 19, 2021 (...

Rating action          MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of RM1.0 billion. The long-term rating carries a stable outlook. The outstanding under the programme is RM600 million IMTNs. The compan...

Rating action          MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. As of end-June 2023, total outstanding ...

Rating action            MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. There is currently RM1.0 million outstanding under the programmes.Alam Flora provides waste collection and public cleansing services (concessi...

Rating action          MARC Ratings has affirmed its rating on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion at AA-IS with a stable outlook.RationaleThe rating affirmation is driven by the strong operational track record and healthy cash flow generation of PPSB, the operator of Penang Port, a key trade gateway port ...

Rating action         MARC Ratings has affirmed its AA-IS rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) outstanding RM3.64 billion Sukuk Wakalah, with a stable outlook. Rationale      DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 (MRR2) at Wangsa Maju to Ke...

Rating action          MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. As of June 15, 2023, the outstanding balance of the sukuk stood at RM60.0 million. RationaleThe rating affirmation reflects Grand Sepadu’s stable performance, supported by resilient commercial traff...